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{{Infobox person
{{Infobox person
| name = Dr Alvaro Sobrinho
| name = Alvaro Sobrinho
| image = Alvaro-Sobrinho.jpg
| image = Alvaro-Sobrinho.jpg
| birth_name = Álvaro Madaleno de Oliveira Sobrinho
| birth_name = Álvaro Madaleno de Oliveira Sobrinho
| birth_place = [[Luanda, Angloa]]
| birth_place = [[Luanda]], [[Angloa]]
| occupation = Chairman at Planet Earth Institute
| occupation = Chairman of Madalena family holding
| website = http://alvaro-sobrinho.com/
| website = http://alvaro-sobrinho.com/
}}'''Álvaro Madaleno de Oliveira Sobrinho''' (born 1962 in [[Luanda]]) is an [[Angola]]n [[philanthropist]], [[banker]] and [[business]]man.
}}'''Álvaro Madaleno de Oliveira Sobrinho''' (born 1962 in [[Luanda]]) is an [[Angola]]n [[business]]man, former [[banker]] and [[philanthropist]]


== Career ==
== Career ==
Line 14: Line 14:


===Banco Espírito Santo===
===Banco Espírito Santo===
At the age of 38 in 2000 he became one of the directors of [[Banco Espirito Santo]] (BES) in [[Lisbon]] and was tasked founding the subsidiary branch in [[Angola]], [[Banco Espírito Santo Angola]] (BESA). Throughout his time at BESA, the bank received multiple awards, including the World Finance award as the Best Bank in Angola in 2009, and Global Finance Magazine’s award as the Best Bank in Angola in 2008, 2009, 2010 and 2011.<ref>{{cite web|url=http://www.worldfolio.co.uk/region/africa/angola/alvaro-sobrinho-besa |title=Angola - Alvaro Sobrinho, Chairman of BESA - Worldfolio - AFA PRESS |publisher=Worldfolio |date= |accessdate=2014-08-03}}</ref> As its CEO until October 2012, Sobrinho had developed the bank to one of the leading banks in [[Sub Saharan Africa]], although he had a row with the board of BES in 2013, when the bank assumed to be at war with him, after he public announced to be a candidate to succeed the bank's president, [[Ricardo Salgado]].<ref>http://expresso.sapo.pt/alvaro-sobrinho-no-sporting-no-bes-nos-jornais-e-agora-na-web=f863966</ref> The varnish crackled as a newspaper that Sobrinho is associated as a shareholder of [[Newshold]], the daily [[i (Portuguese newspaper)|"i"]], brought on the first page that the President of BES had been called to the [[Bank of Portugal]] to give explanations on a commission of €8.5 million he would have received from a consultancy given from a client in [[Angola]].<ref>http://expresso.sapo.pt/alvaro-sobrinho-no-sporting-no-bes-nos-jornais-e-agora-na-web=f863966</ref>
At the age of 38 in 2000 he became one of the directors of [[Banco Espirito Santo]] (BES) in [[Lisbon]] and was tasked founding the subsidiary branch in [[Angola]], [[Banco Espírito Santo Angola]] (BESA). Throughout his time at BESA, the bank received multiple awards, including the World Finance award as the Best Bank in Angola in 2009, and Global Finance Magazine’s award as the Best Bank in Angola in 2008, 2009, 2010 and 2011.<ref>{{cite web|url=http://www.worldfolio.co.uk/region/africa/angola/alvaro-sobrinho-besa |title=Angola - Alvaro Sobrinho, Chairman of BESA - Worldfolio - AFA PRESS |publisher=Worldfolio |date= |accessdate=2014-08-03}}</ref> As its CEO until October 2012, Sobrinho had developed the bank to one of the leading banks in [[Sub Saharan Africa]], although he had a row with the board of BES in 2013, when the bank assumed to be at war with him, after he public announced to be a candidate to succeed the bank's president, [[Ricardo Salgado]].<ref>http://expresso.sapo.pt/alvaro-sobrinho-no-sporting-no-bes-nos-jornais-e-agora-na-web=f863966</ref> The varnish crackled as a newspaper that Sobrinho is associated as a shareholder of [[Newshold]], the daily [[i (Portuguese newspaper)|"i"]], brought on the first page that the President of BES had been called to the [[Bank of Portugal]] to give explanations on a commission of € 8,5 million he would have received from a consultancy given from a client in [[Angola]].<ref>http://expresso.sapo.pt/alvaro-sobrinho-no-sporting-no-bes-nos-jornais-e-agora-na-web=f863966</ref>


In July 2014, Portuguese weekly [[Expresso (Portuguese newspaper)|Expresso]] reported that BESA did not know to whom it had extended loans worth US$5.7 billion - around 80 percent of its debt portfolio - during the mandate of previous chief executive Alvaro Sobrinho, who left the post in October 2012. Angolan central bank governor Jose de Lima Massano admitted "there were problems with BESA's credit portfolio, including operations he described as "bad" and "in an irregular state", and went on to say "Many of Angola's banks have been hit by a surge in bad loans in the last two years as the oil-dependent economy cooled down from double-digit growth posted up to 2009. In 2013 alone, bad loans in the sector jumped 50 percent to around $3.35 billion."<ref>{{cite web|author=Shrikesh Laxmidas and Pascal Fletcher/Reuters|url=http://www.reuters.com/article/2014/07/18/portugal-bes-angola-idUSL2N0PS1UQ20140718 |title=In BES saga, the Angolan connection emerges from silence; Reuters Feed |publisher=reuters.com |date=2014-07-18 |accessdate=2014-09-15}}</ref>
In July 2014, Portuguese weekly [[Expresso (Portuguese newspaper)|Expresso]] reported that BESA did not know to whom it had extended loans worth US$ 5,7 billion - around 80 percent of its debt portfolio - during the mandate of previous chief executive Alvaro Sobrinho, who left the post in October 2012. Angolan central bank governor Jose de Lima Massano admitted "there were problems with BESA's credit portfolio, including operations he described as "bad" and "in an irregular state", and went on to say "Many of Angola's banks have been hit by a surge in bad loans in the last two years as the oil-dependent economy cooled down from double-digit growth posted up to 2009. In 2013 alone, bad loans in the sector jumped 50 percent to around US$ 3,35 billion."<ref>{{cite web|author=Shrikesh Laxmidas and Pascal Fletcher/Reuters|url=http://www.reuters.com/article/2014/07/18/portugal-bes-angola-idUSL2N0PS1UQ20140718 |title=In BES saga, the Angolan connection emerges from silence; Reuters Feed |publisher=reuters.com |date=2014-07-18 |accessdate=2014-09-15}}</ref>

Mr. Sobrinho said he never used BESA to finance his other investments. “The notion that I could access BESA money or act alone is absolutely untrue,” he said. “The only payments I received from BESA were my salaries and my bonus.”<ref>{{cite web|author=Raphael Minder/New York Times|url=http://www.nytimes.com/2014/07/30/business/international/for-banco-espirito-santo-questions-over-angolan-subsidiary.html |title=Investment in Angolan Banking May Prove a Crippling Deal for Portugal |publisher=nytimes.com |date=2014-07-29 |accessdate=2014-10-09}}</ref>

Also in July Africa Confidential's piece "Toxic loan fears grow" stated that Sobrinho "worked together with the entire administrative board, establishing a rigorous set of policies and internal procedures that regulated all financial transactions including multinational loans and all the accounts were published" and goes on to suggest how political the size of these loans would have become: "'People in the hierarchy would know about it,' said a Luanda insider. 'The same probably happens at other banks too. It happens everywhere here. It's very political.'"<ref>{{cite web|author=Africa Confidential|url=http://www.africa-confidential.com/article-preview/id/5700/Toxic_loan_fears_grow |title=Toxic loan fears grow |publisher=africa-confidential.com |date=2014-07-11 |accessdate=2014-10-09}}</ref>


=== Banco Valor ===
=== Banco Valor ===
In 2013, Sobrinho took charge of [[Banco Valor]] Angola, an emerging bank as its [[Executive Chairman]].<ref>{{cite web|url=http://www.bancovalor.ao/orgaossociais.html |title=BANCO VALOR À distância de um Gesto |publisher=Bancovalor.ao |date= |accessdate=2014-08-03}}</ref> Sobrinho’s business investments also cover the telecommunications and media industry in [[Portugal]], with major investments in ''YooMee Africa'' and in the international [[Newshold]] group,<ref>{{cite web|url=http://www.jornaldenegocios.pt/empresas/detalhe/newshold_reduz_posicao_na_cofina_para_12.html |title=Newshold reduz posição na Cofina para 12% - Media - Jornal de Negócios |publisher=Jornaldenegocios.pt |date= |accessdate=2014-08-03}}</ref> as well as additional ventures including publishing, manufacturing and travel business. In 2013 Sobrinho also became an investor in [[Sporting Clube de Portugal]].<ref>{{cite web|url=http://www.alvaro-sobrinho.com/about-alvaro-sobrinho/ |title=About Álvaro Sobrinho &#124; Dr Álvaro Sobrinho |publisher=Alvaro-sobrinho.com |date=2013-11-15 |accessdate=2014-08-03}}</ref>
In 2013, Sobrinho took charge of [[Banco Valor]] Angola, an emerging bank as its [[Executive Chairman]].<ref>{{cite web|url=http://www.bancovalor.ao/orgaossociais.html |title=BANCO VALOR À distância de um Gesto |publisher=Bancovalor.ao |date= |accessdate=2014-08-03}}</ref> Sobrinho’s business investments also cover the telecommunications and media industry in [[Portugal]], with major investments in ''YooMee Africa'' and in the international [[Newshold]] group,<ref>{{cite web|url=http://www.jornaldenegocios.pt/empresas/detalhe/newshold_reduz_posicao_na_cofina_para_12.html |title=Newshold reduz posição na Cofina para 12% - Media - Jornal de Negócios |publisher=Jornaldenegocios.pt |date= |accessdate=2014-08-03}}</ref> as well as additional ventures including publishing, manufacturing and travel business. In 2013 Sobrinho also became an investor in [[Sporting Clube de Portugal]].<ref>{{cite web|url=http://www.alvaro-sobrinho.com/about-alvaro-sobrinho/ |title=About Álvaro Sobrinho &#124; Dr Álvaro Sobrinho |publisher=Alvaro-sobrinho.com |date=2013-11-15 |accessdate=2014-08-03}}</ref>


=== Investments ===
=== Newshold Group ===
Family members of Alvaro Sobrinho are the owners of the mediagroup [[Newshold|Newshold media group]],<ref>http://www.jornaldenegocios.pt/empresas/detalhe/quem_e_a_newshold.html</ref> a company owned by [[Pineview Overseas]], a [[Panama]]-based [[offshore]] company. Newshold controls [[i (newspaper)|"i"]] and [[Sol (newspaper)|Sol]], Portugal's third largest weekly, and owns stakes in two leading magazines, [[Visâo]] and [[Expresso]], as well as [[Correio da Manhã (Portugal)|Correio da Manhã]], the largest-circulation Lisbon tabloid, and the business paper [[Jornal de Negocios]]. Newshold has also expressed interest in case the Portuguese government eventually decides to privatize the public service broadcaster [[Rádio e Televisão de Portugal]] (RTP).<ref>http://www.cpj.org/blog/2013/03/portuguese-media-chilled-by-angolan-involvement.php</ref>
Family members of Alvaro Sobrinho are the owners of the mediagroup [[Newshold|Newshold media group]],<ref>http://www.jornaldenegocios.pt/empresas/detalhe/quem_e_a_newshold.html</ref> a company owned by [[Pineview Overseas]], a [[Panama]]-based [[offshore]] company. Newshold controls [[i (newspaper)|"i"]] and [[Sol (newspaper)|Sol]], Portugal's third largest weekly, and owns stakes in two leading magazines, [[Visâo]] and [[Expresso]], as well as [[Correio da Manhã (Portugal)|Correio da Manhã]], the largest-circulation Lisbon tabloid, and the business paper [[Jornal de Negocios]]. Newshold has also expressed interest in case the Portuguese government eventually decides to privatize the public service broadcaster [[Rádio e Televisão de Portugal]] (RTP).<ref>http://www.cpj.org/blog/2013/03/portuguese-media-chilled-by-angolan-involvement.php</ref>


Line 34: Line 30:
Portuguese authorities had investigated Álvaro Sobrinho on suspicion of money laundering when he was the chairman of [[Banco Espírito Santo Angola]] (BESA). Investigations by the Portuguese newspaper [[Diário de Notícias]] revealed that on 2 September 2010, Sobrinho acquired six apartments in the ''[[Estoril]] Sol Residence'' complex with an initial payment of €9.5 million. His brothers, Sílvio e Emanuel Madaleno, also own three apartments at Estoril Sol.<ref>http://allafrica.com/stories/201207290348.html</ref><ref>{{cite web|url=http://www.makaangola.org/index.php?option=com_content&view=article&id=4117:o-predio-dos-angolanos-no-estoril-sol&catid=2:uncategorised&Itemid=230&lang=en |title=O Prédio dos Angolanos no Estoril Sol |publisher=Maka Angola |date= |accessdate=2014-08-03}}</ref> The apartments were seized by court order, but were later returned to Sobrinho by the court of appeal because of a lack of evidence.<ref>{{cite web|url=http://www.jornaldenegocios.pt/economia/detalhe/tribunal_devolve_casas_a_aacutelvaro_sobrinho.html |title=Tribunal devolve casas a Álvaro Sobrinho - Economia - Jornal de Negócios |publisher=Jornaldenegocios.pt |date= |accessdate=2014-08-03}}</ref>
Portuguese authorities had investigated Álvaro Sobrinho on suspicion of money laundering when he was the chairman of [[Banco Espírito Santo Angola]] (BESA). Investigations by the Portuguese newspaper [[Diário de Notícias]] revealed that on 2 September 2010, Sobrinho acquired six apartments in the ''[[Estoril]] Sol Residence'' complex with an initial payment of €9.5 million. His brothers, Sílvio e Emanuel Madaleno, also own three apartments at Estoril Sol.<ref>http://allafrica.com/stories/201207290348.html</ref><ref>{{cite web|url=http://www.makaangola.org/index.php?option=com_content&view=article&id=4117:o-predio-dos-angolanos-no-estoril-sol&catid=2:uncategorised&Itemid=230&lang=en |title=O Prédio dos Angolanos no Estoril Sol |publisher=Maka Angola |date= |accessdate=2014-08-03}}</ref> The apartments were seized by court order, but were later returned to Sobrinho by the court of appeal because of a lack of evidence.<ref>{{cite web|url=http://www.jornaldenegocios.pt/economia/detalhe/tribunal_devolve_casas_a_aacutelvaro_sobrinho.html |title=Tribunal devolve casas a Álvaro Sobrinho - Economia - Jornal de Negócios |publisher=Jornaldenegocios.pt |date= |accessdate=2014-08-03}}</ref>


Álvaro Sobrinho is also a shareholder of [[Swotzerland|Swiss]] wealth management company [[Akoya Asset Management]], which is in the center of a judicial investigation called ''Monte Branco'' ("White Mountain"), seeking to dismantle a network that allegedly allowed to escape Portuguese capital fleeing tax authorities and allowing money laundering.<ref>http://www.jornaldenegocios.pt/empresas/detalhe/o_que_e_a_akoya_asset_management.html</ref> However, while he was a shareholder of Akoya he was not in executive control. When the activities of the two managers implicated in the tax scheme were brought to the Board, they were fired and Alvaro ordered an investigation from the Swiss authorities, that cleared them all of wrong-doing.<ref>{{cite web|url=http://observador.pt/2014/08/03/akoya-financeira-investigada-processo-monte-branco-vai-ser-dissolvida/ |title=Akoya, financial investigated in the process Mont Blanc will be dissolved |publisher=observador.pt |date= |accessdate=2014-08-03}}</ref>
Álvaro Sobrinho is also a shareholder of [[Switzerland|Swiss]] wealth management company [[Akoya Asset Management]], which is in the center of a judicial investigation called ''Monte Branco'' ("White Mountain"), seeking to dismantle a network that allegedly allowed to escape Portuguese capital fleeing tax authorities and allowing money laundering.<ref>http://www.jornaldenegocios.pt/empresas/detalhe/o_que_e_a_akoya_asset_management.html</ref>


==References==
==References==

Revision as of 16:01, 19 October 2014

Alvaro Sobrinho
Born
Álvaro Madaleno de Oliveira Sobrinho

Luanda, Angloa
OccupationChairman of Madalena family holding
Websitehttp://alvaro-sobrinho.com/

Álvaro Madaleno de Oliveira Sobrinho (born 1962 in Luanda) is an Angolan businessman, former banker and philanthropist

Career

Studies

Long before the civil war in Angola Álvaro Sobrinhos parents owned a bakery and were property owners in Angola. Sobrinho studied at the New University of Lisbon mathematics and statistics. After his studies in Portugal he began his career with "World Trust" insurance company.

Banco Espírito Santo

At the age of 38 in 2000 he became one of the directors of Banco Espirito Santo (BES) in Lisbon and was tasked founding the subsidiary branch in Angola, Banco Espírito Santo Angola (BESA). Throughout his time at BESA, the bank received multiple awards, including the World Finance award as the Best Bank in Angola in 2009, and Global Finance Magazine’s award as the Best Bank in Angola in 2008, 2009, 2010 and 2011.[1] As its CEO until October 2012, Sobrinho had developed the bank to one of the leading banks in Sub Saharan Africa, although he had a row with the board of BES in 2013, when the bank assumed to be at war with him, after he public announced to be a candidate to succeed the bank's president, Ricardo Salgado.[2] The varnish crackled as a newspaper that Sobrinho is associated as a shareholder of Newshold, the daily "i", brought on the first page that the President of BES had been called to the Bank of Portugal to give explanations on a commission of € 8,5 million he would have received from a consultancy given from a client in Angola.[3]

In July 2014, Portuguese weekly Expresso reported that BESA did not know to whom it had extended loans worth US$ 5,7 billion - around 80 percent of its debt portfolio - during the mandate of previous chief executive Alvaro Sobrinho, who left the post in October 2012. Angolan central bank governor Jose de Lima Massano admitted "there were problems with BESA's credit portfolio, including operations he described as "bad" and "in an irregular state", and went on to say "Many of Angola's banks have been hit by a surge in bad loans in the last two years as the oil-dependent economy cooled down from double-digit growth posted up to 2009. In 2013 alone, bad loans in the sector jumped 50 percent to around US$ 3,35 billion."[4]

Banco Valor

In 2013, Sobrinho took charge of Banco Valor Angola, an emerging bank as its Executive Chairman.[5] Sobrinho’s business investments also cover the telecommunications and media industry in Portugal, with major investments in YooMee Africa and in the international Newshold group,[6] as well as additional ventures including publishing, manufacturing and travel business. In 2013 Sobrinho also became an investor in Sporting Clube de Portugal.[7]

Newshold Group

Family members of Alvaro Sobrinho are the owners of the mediagroup Newshold media group,[8] a company owned by Pineview Overseas, a Panama-based offshore company. Newshold controls "i" and Sol, Portugal's third largest weekly, and owns stakes in two leading magazines, Visâo and Expresso, as well as Correio da Manhã, the largest-circulation Lisbon tabloid, and the business paper Jornal de Negocios. Newshold has also expressed interest in case the Portuguese government eventually decides to privatize the public service broadcaster Rádio e Televisão de Portugal (RTP).[9]

Philanthrophy

Sobrinho is involved with philanthropy in Africa, as the Chairman of the Planet Earth Institute (PEI) in London,[10] beeing one of the key founding members of the PEI. The Planet Earth Institute is accredited to the United Nations Environmental Programme and its mission is the ‘scientific independence of Africa’ [11] as well as with a number of other Africa-focused charities and programmes,[12] including the Duke of Edinburgh International Award and GAVI Alliance.[13] Sobrinho is one of a few high profile African philanthropists in the promotion of advanced sciences

Allegations

Portuguese authorities had investigated Álvaro Sobrinho on suspicion of money laundering when he was the chairman of Banco Espírito Santo Angola (BESA). Investigations by the Portuguese newspaper Diário de Notícias revealed that on 2 September 2010, Sobrinho acquired six apartments in the Estoril Sol Residence complex with an initial payment of €9.5 million. His brothers, Sílvio e Emanuel Madaleno, also own three apartments at Estoril Sol.[14][15] The apartments were seized by court order, but were later returned to Sobrinho by the court of appeal because of a lack of evidence.[16]

Álvaro Sobrinho is also a shareholder of Swiss wealth management company Akoya Asset Management, which is in the center of a judicial investigation called Monte Branco ("White Mountain"), seeking to dismantle a network that allegedly allowed to escape Portuguese capital fleeing tax authorities and allowing money laundering.[17]

References

  1. ^ "Angola - Alvaro Sobrinho, Chairman of BESA - Worldfolio - AFA PRESS". Worldfolio. Retrieved 2014-08-03.
  2. ^ http://expresso.sapo.pt/alvaro-sobrinho-no-sporting-no-bes-nos-jornais-e-agora-na-web=f863966
  3. ^ http://expresso.sapo.pt/alvaro-sobrinho-no-sporting-no-bes-nos-jornais-e-agora-na-web=f863966
  4. ^ Shrikesh Laxmidas and Pascal Fletcher/Reuters (2014-07-18). "In BES saga, the Angolan connection emerges from silence; Reuters Feed". reuters.com. Retrieved 2014-09-15. {{cite web}}: |author= has generic name (help)
  5. ^ "BANCO VALOR À distância de um Gesto". Bancovalor.ao. Retrieved 2014-08-03.
  6. ^ "Newshold reduz posição na Cofina para 12% - Media - Jornal de Negócios". Jornaldenegocios.pt. Retrieved 2014-08-03.
  7. ^ "About Álvaro Sobrinho | Dr Álvaro Sobrinho". Alvaro-sobrinho.com. 2013-11-15. Retrieved 2014-08-03.
  8. ^ http://www.jornaldenegocios.pt/empresas/detalhe/quem_e_a_newshold.html
  9. ^ http://www.cpj.org/blog/2013/03/portuguese-media-chilled-by-angolan-involvement.php
  10. ^ http://www.planetearthinstituteworldwide.org/news/the-planet-earth-institute-welcomes-new-trustees
  11. ^ Álvaro Sobrinho. "Time for an African science agenda? - This is Africa". Thisisafricaonline.com. Retrieved 2014-08-03.
  12. ^ "Philanthropy | Dr Álvaro Sobrinho". Alvaro-sobrinho.com. 2014-03-11. Retrieved 2014-08-03.
  13. ^ http://www.gavialliance.org/About/Governance/GAVI-Board/Minutes/2014/18-June/Minutes/03---CEO-s-report/
  14. ^ http://allafrica.com/stories/201207290348.html
  15. ^ "O Prédio dos Angolanos no Estoril Sol". Maka Angola. Retrieved 2014-08-03.
  16. ^ "Tribunal devolve casas a Álvaro Sobrinho - Economia - Jornal de Negócios". Jornaldenegocios.pt. Retrieved 2014-08-03.
  17. ^ http://www.jornaldenegocios.pt/empresas/detalhe/o_que_e_a_akoya_asset_management.html

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